Hog Futures Prices Gain
Hog futures prices moved higher Tuesday, erasing most of the previous day’s losses suffered in anticipation of the government’s quarterly hogs and pigs report. On other markets, energy futures retreated after a one-day OPEC-generated rally, precious metals were lower and most grain and soybean contracts declined.
Cattle futures advanced along with hogs, while pork bellies declined on the Chicago Mercantile Exchange.
“The rally in cattle was the most impressive,” said Philip Stanley, an analyst in Chicago with Thomson McKinnon Securities Inc. “But it was more short covering (buying to offset earlier sales) than anything. Packer demand for (cash) cattle picked up but the price action hasn’t.”
Also, he said, the boxed beef trade was slow Monday and will have to improve if the rally in futures is to continue.
Hog futures advanced, retracing losses suffered Monday before the Agriculture Department released its quarterly hogs and pigs report after the close.
“The report came off as neutral,” Stanley said. So, much of Tuesday’s rally was simply making up for losses suffered in advance of the report.
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